Following the brief jump bitcoin made into $10,000 territory during yesterday’s early morning hours, the entire crypto market swelled like enthusiasts wouldn’t believe, with the overall market cap surging by more than $13 billion in a single day.
Bitcoin Is Jumping Towards Much Greener Territory
The price was first noticed on exchanges in Singapore and other parts of Asia. Over the next few hours, digital trading platforms in New York, for example, would list bitcoin at about $9,890, and the price would only creep higher from there.
Vijay Ayyar – the head of business development at crypto exchange Luno in the United Kingdom – believes that governments are relying too much on money printing to get through the ongoing coronavirus pandemic but that in a weird sort of way, it’s causing many people to feel more confident about the state of the global economy. They trust their government representatives to do all they can to ensure its survival and are feeling secure enough to begin investing across the boards again.
In an interview, he states:
Overall markets have been bullish sine the March lows and this is across asset classes, including crypto. Money printing by the Fed and other central banks globally have given a lot of confidence to investors that the economy will be supported no matter what.
Matthew Dibb – co-founder of bitcoin index fund provider Stack – offers similar sentiment. He says that the current rally being enjoyed by bitcoin that has pushed the currency into greener pastures has a lot to do with new players entering the market. He says that crypto exchanges everywhere are seeing their customer bases grow like there’s no tomorrow.
For the past few weeks, we have seen additional players enter the BTC market as prices have trended upward in anticipation of the halving event as bulls saw this as an opportunity to buy BTC ahead of a price pop and what many expect will be significant price appreciation. This has undoubtedly continued into this week and may even carry over the weekend as the halving draws closer.
One of the big things that cold potentially be pushing bitcoin is the newfound praise it’s received from billionaire investor Paul Tudor Jones. In a recent interview, Jones came out and said he was betting big on bitcoin, and that he believed the currency would go quite far in the coming months.
Bloomberg put out an official report documenting Jones’ words, claiming they would push the world’s number one digital currency by market cap to the highest financial peaks.
A Popularity Push
Taking notice, Dibb further stated:
The news that renowned investor Paul Tudor Jones has backed bitcoin – publicly praising the asset for its properties as a store of value – has almost certainly helped catalyze BTC’s sudden movement into the $10,000 zone.
Source: Live Bitcoin News